XML 41 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
PREMIUMS EARNED AND OTHER REVENUES      
Direct premiums written $ 721,462 $ 666,309 $ 562,672
Ceded premiums written (512,979) (466,694) (428,384)
Net premiums written 208,483 199,615 134,288
(Increase) decrease in net unearned premium (9,498) (29,172) 7,366
Premiums earned, net 198,985 170,443 141,654
Net investment income 788 992 1,454
Net realized gains on investments 2,350 27,692 24,175
Net unrealized (losses) gains on investments (18,410) 1,754  
Net foreign currency gains on investments 1,532 1,122 6,808
Commission revenue 19,507 17,895 16,984
Policy fees 15,298 15,149 14,174
Other revenue 5,811 4,876 5,393
Total premiums earned and other revenues 225,861 239,923 210,642
OPERATING COSTS AND EXPENSES      
Losses and loss adjustment expenses 124,309 113,355 106,133
General and administrative expenses 67,834 64,290 58,346
Total operating costs and expenses 192,143 177,645 164,479
INCOME BEFORE INCOME TAXES 33,718 62,278 46,163
Income taxes, current 23,152 26,854 15,495
Income taxes, deferred (9,543) (1,560) 1,881
Income taxes, net 13,609 25,294 17,376
NET INCOME 20,109 36,984 28,787
Basic earnings per common share $ 0.51 $ 0.95 $ 0.76
Weighted average number of common shares outstanding - basic 39,184 39,113 37,618
Diluted earnings per common share $ 0.50 $ 0.91 $ 0.71
Weighted average number of common shares outstanding - diluted 40,442 40,579 40,790
Cash dividend declared per common share $ 0.32 $ 0.32 $ 0.54
Comprehensive Income:      
Net income 20,109 36,984 28,787
Change in net unrealized (losses) gains on investments, net of tax   (564) 539
Comprehensive Income $ 20,109 $ 36,420 $ 29,326